by Naya Properties 
Dubai, the city of the future, has always been known as a city that never stops reinventing itself. The recently launched Dubai 2040 Master Plan is testimony to His Highness Sheikh Mohammed Bin Rashid Al Maktoum's vision for Dubai over the next 20 years.
The plan focuses on creating a holistic environment and infrastructure for citizens, visitors and investors. Ultimately, quality of life will improve, more people will want to live, work and do business in Dubai, and the resident population will grow to 5.8 million by 2040.
Let's find out more about this plan and its impact on the Dubai real estate market.
Dubai 2040 urban development plan
The Dubai 2040 urban master plan aims to create a brighter, better future for the emirate. Its main aim is to boost the emirate's economy,improve residents' lifestyle and make Dubai a better place to live. The plan includes a number of infrastructural and legislative reforms that will make Dubai one of the most advanced cities in the world.
Among the main initiatives the emirate intends to take as part of the Dubai 2040 urban master plan are:
- The transition of the Expo 2020 site into District 2020, an integrated, sustainable mixed-use community. This district is set to become one of the best places to buy property in Dubai.
- The transformation of Dubai Silicon Oasis into a research and technology center.
- Bur Dubai and Deira will continue to preserve their culture and heritage.
- Downtown and Business Bay will retain their position as Dubai's financial centers.
- Dubai Marina and Jumeirah Beach Residence will serve as Dubai's entertainment and tourism hubs.
The impact of urban planning on Dubai's real estate market
Like many other sectors, the Dubai 2040 urban master plan will have a significant impact on the real estate market. Indeed, the plan aims to offer a wide range of investment opportunities for residents and foreigners alike. In addition, the emirate aims to provide its residents with the highest standards of infrastructure and facilities. This is in line with His Highness's vision of making Dubai a city offering the best quality of life.
Real estate prices expected to rise
The Dubai 2040 urban master plan will have a positive impact on property prices in the emirate. An upward trajectory in this respect is already visible, as 2022 began on a very strong note. Real estate experts expect the year to end on an even higher note.
Thanks to the influx of expatriates and foreign investors, demand will increase, leading to higher property prices. In fact, in April, average prices rose by over 8%, as foreign buyers put their faith in Dubai's real estate sector following the success of Expo 2020.
Boosting the tourism sector
The Dubai 2040 urban master plan aims to boost the tourism and hospitality sector. Indeed, the plan calls for a 400% increase in the length of public beaches. Similarly, there will be a 134% increase in the space allocated to tourism and hospitality. Another notable initiative is that 60% of Dubai's surface area will be covered by nature reserves.
